French fund manager La Française REM has raised €150m of equity for a senior debt fund that will initially buy loans in France.
The vehicle, called LFP Créances Immobilières, is dedicated to institutional investors and has a final target size of €400m.
The fund has €100m of investments backed by core and core-plus property in the pipeline and has already acquired a €20m, five-year loan at a 50% loan-to-value ratio.
The vehicle’s target spread is 250 basis points. La Française REM is majority-owned by Crédit Mutuel Nord Europe.